Grad student- from a 636/645 to 700+

Grad student- from a 636/645 to 700+
BorisDom asked 4 years ago

Title says it all.  Credit Karma puts me at 636 TU and 645 EQ (I know, CK isn’t accurate as FICO).

Background:

 

-one credit card (BofA) with a $ 1000 limit. Maxed out last month over limit (due to personal stuff). Scores dropped to ~605 give or take.

-paid down last week to 21% utilzation, brought scores up 30-35 pts to current 636/645.

-TU report show a “TU interest” hard inquiry (bringing down the score- **bleep**?) is this credit Karma’s inquiry?

-one auto loan (paid off a year or so ago) for $ 14k.  no lates on that, but it’s closed.

-one home depot credit card open for three years in my name (never saw it, but I did apply for one around that time) weird, right? never held a balance.

-no collections (though I think there may be some medical collections coming after me as my insurance company failed to pay a bill while traveling- waiting to see that).

– one late payment 22 months ago (30 days) 97.9% on time (poor rating- gonna ask for a GW removal here this summer!) Have ~48/49 payments on time (but carried a high utilization for about a year and half- 60-80%!  Grad school’s a b@#@ for finances).

 

 -Income is $ 22k/year, housing is $ 700/month. 

 -only one open, 2 closed accounts- which is hurting my score

-4 year, 5 month credit history average- does this include closed accounts made good- as my CC shows only 48 reporting months?

 

I requested a CLI to $ 1500 today from BofA- got it!  so I’ll bring my utilization down to under 10% for the next reporting period. How long until I should attempt another CLI to $ 2000? (+$ 500?). 

 

Plan: get a second card with ~$ 1000 limit. Maybe a third? Three lines of revolving credit is a good idea here? I don’t plan to spend more than $ 50-75/month per card. Pay down in full.

 

This will drop my avg account age, but double good payments and allow me to keep my utilization around 5-10%.  Does this sound about right? I should diversify my credit, but I don’t need loans right now (research/teaching stipend pays the bills), so there’s no real point unless I get a student loan or two for $ 1000 each, and just get my acct’s up.  Or not.  

 

I’d like to be getting a 700+ score by a years time.  Without many cards/accts this could be tricky. But I’d like to try- thoughts?

 

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